Bernardsville NJ Real Estate Market October 2011

Below you you will find the latest information for the Bernardsville NJ Real Estate Market October 2011. Current trends indicate a modest increase in the amount of homes currently For Sale (117) when comparing October 2011 to the same period in 2010 (108). Pending Sales for October are up modestly from last year with the number of Closed Sales being down consistently for the past 4 years in a row from 8 in 2008 to only 2 in 2011. The Average Sales Price has been falling modestly for the past 3 years.

Bernardsville’s current supply of available inventory has dropped 12% from last year at this same time down to 10.8 months. Like many other towns in NJ, Bernardsville currently has an excess of inventory which creates a significant advantage to buyers by having a large pool of homes from which to choose. Interest rates remain at or near all time lows with prices continuing to be under downward pressure from a variety of factors including an increased rate of distressed sales along with a weak economy.

Residential Single Family Properties

  • Number of ACTIVE listings (homes For Sale) on the market:                        117
  • Number of CLOSED transactions (homes Sold) in October:                             2
  • Number of PENDING sales (homes Under Contract) in October:                      9
  • Average Sales Price (Sold):                                                           $581,750
  • Average List Price (For Sale):                                                      $1,938,644
  • Sales to List Price Ratio:                                                                       97%
  • Average Days on Market:                                                                        70
  • Absorption Rate* (Months of Supply):                                         10.8 months

*This figure represents the number months it will take to sell off all of the inventory at the present rate of sales:

    • 4 months or less is considered to be a Seller’s market with limited inventory for buyers to choose from.
    • 5 to 6 months is considered to be a “normal or balanced” market.
    • 7 months or more is considered to be a Buyer’s market with excess inventory and plenty of homes for buyers to choose from.

Bernardsville NJ - Rolling 13 Month Listing & Sales Activity thru October 2011

Bernardsville NJ - Homes Listed For Sale - October

Bernardsville NJ - Pending Sales (Under Contract) - October

Bernardsville NJ - Closed Sales (Sold) - October

Bernardsville NJ - Average Sales Price - October

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